Architects are waiting to see the extent of the fallout after £140 million contractor Shaylor Group collapsed into administration
FRP Advisory partners Raj Mittal and Tony Barrell were appointed joint administrators of the Walsall-headquartered firm this morning.
The business has stopped trading, more than 200 people have been made redundant and work has stopped on sites.
Shaylor was main contractor for Cube Design’s Silverstone Experience in Northamptonshire; Reed Watts’ east London residential development Pocket Living Barking; and Bryant Priest Newman’s Gilder’s Yard in Birmingham’s Jewellery Quarter, among other projects.
Mittal and Barrell are in talks with the contractor’s clients over the transfer of sites.
FRP said in a statement: ‘Shaylor Group had experienced severe cash flow pressures in recent weeks following several project delays.
‘After unsuccessful attempts to raise additional funding, the directors took the difficult decision to place the company into administration.’
Mittal said: ‘Despite the efforts of the directors, the financial issues facing the company were not able to be resolved and resulted in the decision to place the business into administration.
‘Our immediate priority is now to support those affected and work closely with the Redundancy Payments Service to ensure that employees receive every support at this difficult time. We will also be working closely with clients to ensure the smooth transfer of sites.’
Cube design silverstone experinece
Shaylor posted turnover of £141.8 million for the 12 months to 30 September 2018, with pre-tax profit of £7.6 million.
Cube Design, Reed Watts and Bryant Priest Newman have been contacted for comment.
A spokesperson for property firm Grainger, which is forward funding Gilder’s Yard, said: ’We are monitoring the situation closely and are in close, regular contact with the developer, Blackswan Property, in order to minimise any potential delay or disruption to the delivery of the scheme.’
Meanwhile a spokesperson for the Silverstone Experience said: ’[We were] just two weeks away from practical completion when Shaylor Group went into administration, so whilst this means there will be a short-term delay to our public opening, the project is not in doubt.
’We are talking directly to the sub-contractors and will work with the administrator on transfer of the site from Shaylor Group.’
A sneak peek inside Gilder's Yard! Note the single-glazed Crittall-style windows which have been designed to replicate the original windows, protecting and enhancing the traditional character of the building. We think they look fabulous! pic.twitter.com/6e7IK2SWiu— PMP Consultants (@pmpconsultants) May 2, 2019